Revolut moves global HQ in Canary Wharf as it awaits UK bank license

Revolut moves global HQ in Canary Wharf as it awaits UK bank license

A mockup of what Revolut’s new global HQ in Canary Wharf will look like. The firm said it plans to display its logo on two signs on the sides of the new building – mimicking legacy banks like Barclays and Citigroup.

Revolut

British financial technology firm Revolut announced Thursday that it’s planning to move its official headquarters in London to Canary Wharf, the city’s major financial district.

Revolut will relocate its global headquarters to the YY London building in the center of Canary Wharf. The company has agreed a 10-year lease for the building.

As a result, Revolut will increase its office footprint by 40% to 113,000 square feet and take up four floors.

It plans to display its logo on two signs on the sides of the new building – mimicking the trend of legacy bank brands, such as HSBC, Barclays, and Citigroup. Revolut said the signs remain subject to planning permission.

HSBC recently announced it would move its world headquarters from its 45-storey Canary Wharf tower by 2027 when its current lease expires.

That came after the firm said it would reduce office space by nearly 40% globally to cut costs and respond to the trend of hybrid working.

Canary Wharf is London’s main financial district, home to many of the world’s largest banks, insurers, and other financial institutions.

Revolut’s announcement comes as the digital banking startup is still waiting to hear on the success of its bid for a banking license in the U.K., which would enable it to launch lending products such as credit cards and personal loans.

The company has been awaiting a green light from city regulators including the Bank of England and the Financial Conduct Authority since 2021.

Revolut said that its decision to open a new global headquarters at the heart of the city demonstrates that the firm remains committed to the U.K. market.

“This new head office strengthens our commitment to the UK, our home country, whilst also establishing the foundation to support future growth,” Francesca Carlesi, CEO of Revolut’s U.K. business, said in a press statement.

Revolut’s co-founders Nikolay Storonsky and Vlad Yatsenko — the company’s global CEO and chief technology officer, respectively — had previously criticized the U.K. for having a regulatory environment they characterized as too bureaucratic.

The company previously committed to growing its global workforce by 40% in 2024. Revolut said that it now has over 9 million customers in the U.K.

New ways of using office space

The news comes as employers debate ways of convincing their employees back into the office, following the widespread shift to remote work triggered by the Covid-19 pandemic.

Revolut has said it will stand by its remote-first approach, which means that its employees can work from home, but are encouraged to come into the office for valuable in-person interactions.

Original news source Credit: www.cnbc.com

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